I am pleased to announce that we have been granted "Proficient Lender Status" with our Mortgage Insurance Company. This is a great recognition to have as lender to be acknowledged by our MI business partner. The ability to insure mortgage loans in declining markets is another tool to help you meet your buyers needs.
We are now eligible to deliver loans with mortgage insurance ("MI") applications in declining markets for loans with a FICO score of 660 and a loan-to-value ratio between 90.01% - 95% (Excluding the state of Florida). DU AUS Approved Eligible
Purchase and rate and term refinances transactions single family 95% to 417,000.00 - 660 FICO MAX DTI 41/55
Condominiums 90% FICO 660 MAX DTI 41% - Project must be 100% completed NO Phasing
Second Homes to 90% FICO 700 MAX DTI 41%
Additional restrictions:
No investment properties
No cash out refinances
No properties in the state of Florida
All transactions must meet the Anti Flipping rule
Buyers purchasing a new o/o home and retaining current property as a rental/ second home must qualify with both payments and have 6 months reserves on all properties
California: The maximum insured percentage of all certified loans in any given month may not exceed 34% in the state of California. All MI certificate will be issued from corporate to manage availability of MI in that state.
"Just leave me a Loan"
Thank You,
Jeff A Pickering
The Pickering Group
Phone (623)551-9360
Email: jeff@pickeringgroup.com
Website: www.pickeringgroup.com
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